Nexus Gold agreement for Dorset property
2020-03-18 18:47 ET – Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to a mineral property acquisition agreement dated March 6, 2020, between Nexus Gold Corp., United Gold Inc. and Margaret Duffitt, whereby the company will acquire a 100-per-cent undivided interest in two mineral claims (the Dorset gold project), located in Newfoundland and Labrador.
Under the terms of the agreement, the company will issue an aggregate of 11 million common shares to the vendors to earn the full interest in the property.
Additionally, the vendors will retain a 2-per-cent net smelter return, 50 per cent of which is purchasable anytime by the company for $1-million.
Furthermore, the company will issue 550,000 common shares to OG Management Ltd. as a finder’s fee in respect of the transaction.
For further details, please refer to the company’s news release dated March 12, 2020.
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